Belpointe PREP, LLC (NYSE American: OZ) reported that its VIV luxury multifamily development in downtown St. Petersburg, Florida, has reached a 25% lease‑up rate. The milestone was announced on January 14 2026, after leasing began in late 2025 and the project’s 269 market‑rate units have begun filling.
The VIV project is a 15‑story, mixed‑use complex in the city’s EDGE District, featuring two towers, retail space, a parking garage, and amenities such as a concierge, sky lounge, fitness center, pool, co‑working space, and dog park. Studio units start at $2,125 per month, with three‑bedroom units priced up to $3,500, reflecting the premium positioning of the development in a supply‑constrained downtown market.
Belpointe PREP’s broader financial picture remains challenging. The company posted a net loss of $23.86 million in 2024, a 66.2% increase from the prior year, and a twelve‑month loss of $36.60 million through September 30 2025. Revenue grew 18.68% to $2.68 million in 2024, but the company’s operating income remains negative, underscoring the high development and financing costs that accompany its pipeline of over 2,000 units across four cities.
Brandon Lacoff, Chairman and CEO, said the milestone “reflects both the strength of the St. Petersburg rental market and the appeal of the VIV community. As leasing continues to progress, VIV is demonstrating the type of early traction we look for as a new asset establishes itself within a supply‑constrained downtown environment.”
The 25% lease‑up signals robust demand for high‑end downtown rentals, but it does not offset the company’s ongoing profitability challenges. While the VIV project is on track to reach full occupancy, Belpointe PREP must continue to manage development costs and financing costs to move toward a positive operating income. Investors will likely view the milestone as a positive operational indicator, tempered by the company’s persistent net losses and negative EBITDA.
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